You aren't wrong - we've vacillated between personal and cloud(mainframe, shared, or centralized) for many years now and it seems that we'll probably continue on this hybrid approach for a while.

Personally I prefer to own my own compute, my own storage and my own hardware. Cloud isn't any cheaper in the aggregate long-term, but it does spread risk and costs across a longer term.

Considering everything I'd rather own the risk and up-front costs just for my own privacy and self-determination.